INDUSTRY NEWS
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New listings 15 per cent below the long-term average
Despite rising interest rates and falling prices, homeowners are not rushing to sell.
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Slower start to spring for new listings but what’s to blame?
The extra public holidays in late September have contributed to a slow start to spring for sellers, with new listings 7.5 per lower than the prior month.
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Laing+Simmons appoints new head of property management
Laing+Simmons has appointed a Head of Property Management for the first time to lead its new in-house property management training program to build property managers’ skills and stop the ‘churn and burn’ typically associated with the industry.
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Little Hinges lands partnership with industry heavyweights, Ray White
Little Hinges have inked a deal with Ray White Surfers Paradise to ensure every new rental property features a virtual tour as part of their property management package.
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Former Bathurst winner Lee Holdsworth transitions to commercial real estate
After winning the Bathurst 1000 in 2021 and starting on the front row in 2022, Supercars veteran Lee Holdsworth is getting ready to step away from racing and take up a new career in commercial real estate.
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Housing market passes ‘peak fear’ phase
Australian property markets have passed their “peak fear” phase and are expected to bottom out in the new year according to an expert.
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New program to unblock local housing backlog
The NSW Government has announced an $11.5 million Unblocking Homes Program that will help fast-track the delivery of tens of thousands of homes tied up in local council red tape.
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Consumers start to cut spending as rates rise
Rising interest rates and high inflation, are starting to hit the hip pockets of consumers with new data showing people are cutting back on their spending.
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No end in sight for rising construction costs
There’s still no relief in sight for builders with construction costs continuing to rise at a record rate.
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House price falls to continue into 2023: NAB
There’s likely more property price declines ahead with values to continue decreasing in 2023, according to the National Australia Bank.
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Rundown Sydney home in need of $500,000 in repairs hits the market
A rundown Sydney home that needs upward of $500,000 in repairs is attracting plenty of interest from potential buyers.
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Different to offer property management as-a-service
Australian proptech :Different, has announced the launch of an all-in-one property management solution, :Different for Agencies.
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NSW Government announces offer for first home buyers to swap stamp duty for ongoing land tax
From January 2023, eligible first home-buyers in NSW will be able to choose between annual land tax and the upfront stamp duty. The scheme, called First Home Buyer Choice, includes an online calculator that will help buyers compare their options. For properties with a purchase price of between $650,000 and $1.5 million, buyers will have the choice of a smaller…
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Rental stock levels well below five-year average
Rental stock levels are more than 35 per cent below the five-year average and growth in annual rents has broken into double digits for the first time on record, new figures show.
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Further rate rises likely in New Zealand: CoreLogic
Rising inflation in New Zealand will likely mean more interest rate rises ahead according to CoreLogic. CoreLogic NZ Chief Property Economist Kelvin Davidson said the fact that inflation had not yet slowed down and that the Reserve Bank of New Zealand considered the case for a 0.75 per cent rise should indicate further tightening ahead. “The past few weeks have…
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Rising interest rates lead to a surge in refinancing
Homeowners are refinancing their mortgages at record levels as the impact of rising interest rates start to take hold.
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Preliminary clearance hits its highest peak since late May
The preliminary clearance rate has reached its highest point since May after auction volumes increased this week.
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Sydney vacancy rates hit the lowest on record
Sydney's vacancy rate has dropped to a record low of 1.1 per cent, with the number of available rental properties more than halving in the past year.
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Affordability continues to cause problems for first home buyers
The surge in home prices over the past few years continues to make it more difficult for first home buyers to get into the market. Finder’s First Home Buyers Report 2022 has shown that those people currently looking to buy rated affordability as their top factor in selecting a home, followed by access to public transport, proximity to shops, and…
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Perth rental stock hits the lowest level in 12 years
Perth rental volumes continue to plummet, with new data showing the number of available properties has reached a 12-year low.
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Sydney’s ‘Rainbow House’ to go under the hammer
One of Sydney’s most recognisable houses, a two-storey Enmore terrace painted in rainbow stripes in support of the 2017 same-sex yes vote, will go to auction on Saturday, October 8.
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Damian Collins ends REIWA presidential term proud of the industry’s achievements
Damian Collins’ four-year term as Real Estate Institute of Western Australia president will come to an end on October 13.
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Prevent burnout with new property management tools
Property managers are calling time on the real estate industry, struggling to cope with busy workloads and poor access to tools and resources needed to succeed.
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How to choose the right exit strategy for your business
Sales, retirements, and unforeseen events can lead to you or a partner exiting your real estate agency, but many business owners aren’t fully prepared for this critical step in their business’ life cycle.
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Lending to build new homes slows down
Rising interest rates continue to weigh on housing finance, with new data from the Australian Bureau of Statistics showing a decline in August.
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Rents rise at fastest quarterly pace on record
Rents have risen at the fastest quarterly pace on record, soaring 4.3 per cent nationally in the three months to September.
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Major banks to pass on full RBA rate hikes
Australia’s big four banks have been quick to pass on the Reserve Bank of Australia’s 25 basis point rate hike in full to their variable mortgage customers.
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Top agent doubles income with Area Specialist
Almost a year after launching his own business in partnership with real estate network Area Specialist, leading south-east Melbourne sales agent Marcus Washington is certain he made the right move.
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Falling property prices contribute to drop in household wealth
Household wealth has fallen for the first time in more than two years, with $484 billion being wiped off in the June quarter.
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RBA takes more moderate approach with 0.25 per cent cash rate increase
After a series of bullish interest rate hikes in recent months, the Reserve Bank of Australia has tempered its approach, increasing the cash rate by 25 basis points at its October meeting today.
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Loss-making resales have started to rise as property downturn continues
The Australian property market has peaked and turned downwards, with the number of loss-making transactions starting to rise.
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Regional property values set to benefit from the renewable energy boom
Australia’s focus on renewable energy will see a number of regional property markets across the east coast benefit from rising prices and long-term capital growth.
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Exciting gifts deepen connections for property clients
What was the last gift you shared with a customer? A scented candle? A calendar with a card? Humdrum gifts will never compete with the chance to go parasailing in Queensland or a wine-tasting on the Margaret River, are they? Yet it has never been easier to deliver exciting gift ideas to customers with the help of We Wander. The…
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New QLD rental laws for pets to come into play
Queensland's new rental laws have come into effect, with property owners no longer able to set a 'no-pet policy' unless certain criteria are met.
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CoreLogic’s September figures show a slower start to the traditional ‘spring selling season’
Across the combined capital cities, CoreLogic’s national home value index (HVI) recorded a 1.4 per cent decline in September, easing from a 1.6 per cent fall in August. The result shows the declines in property values are losing some steam, but according to Core Logic Research Director Tim Lawless, it might be too early to predict that we’ve moved through…
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